over 65 exemption for BOTH spouse (Houston, Seguin: real estate, condo, attorneys)

[Trapez]

Houston TX Over 65 Exemption where husband and wife are listed as owner on the Deed

THREE QUESTIONS:
------------------
Do BOTH spouse have to be 65 to receive 100% "Over 65 Exemption"????
Do BOTH spouse fill out form 11.13 with each specifying 50% ownership (both spouse turn 65)????
Or do we simply fill out ONE form specifying 100%

A FEW FACTS:
--------------
- We are married (husband and wife)
- Both of us own the house 50/50 (texas law)
- Both of our names are on the deed/title of house (Tom & Jane Doe)
- We both turn 65 this year 2019
- We both live there

REMARKS:
----------
- I do NOT suspect you get FULL 100% "65 Over Exemption" if only one spouse turns 65 for a given year??
- I suspect both of us fill out the form saying ownership 50% each???? (we both turn 65)
- Then when tax time comes around in January they will see 50% and another 50% for the
over-65 exemption which will equal 100% ???

[TexasHorseLady]

When the first spouse turns 65 you can get the full exemption. You BOTH own 100% of the house, Texas being a community property state.



I know this not just as a real estate agent, but as someone over 65 whose husband turned 65 the year before I did. So personal experience.

[Trapez]

Thanks! Ill fill out the form with the spouse claiming 100% of ownership leaving me out completely and see what they say ... ill also double check by calling their number (713) 957-7800. Ill report back the good the bad and the ugly



But for some reason i thought the spouse marriage thing in TX was 50/50.

[TexasHorseLady]

Originally Posted by Trapez

Thanks! Ill fill out the form with the spouse claiming 100% of ownership leaving me out completely and see what they say ... ill also double check by calling their number (713) 957-7800. Ill report back the good the bad and the ugly



But for some reason i thought the spouse marriage thing in TX was 50/50.

It's community property, which means you both own it and you are treated as a single entity. Sort of like the IRS when you file jointly.

[Trainwreck20]

Originally Posted by TexasHorseLady

It's community property, which means you both own it and you are treated as a single entity. Sort of like the IRS when you file jointly.

If one person in the marriage owned the house entirely before getting married, then the house does not automatically become community property. Not based on my experience, but on a siblings . In any case, THL is correct, only one of you needs to be 65.

[astrohip]

Allow me to slightly thread-jack with a related question: We had an Over-65 exemption at our house for a few years. We sold it this past year, and moved into a condo. I will re-apply for the Homestead and Over-65 this month, now that the filing period is open.

I had heard that there is a carry-over amount allowed for the Over-65 exemption. Some of the savings you were already getting, or maybe the amount frozen(?), is passed on to your new residence?

Has anyone heard of this? Does my question even make sense? I will confess to not being real familiar with the details of the Over-65 exemption, so I'm not sure what I'm asking.

Thanks.

[TexasHorseLady]

Originally Posted by Trainwreck20

If one person in the marriage owned the house entirely before getting married, then the house does not automatically become community property. Not based on my experience, but on a siblings . In any case, THL is correct, only one of you needs to be 65.

This is true IF absolutely none of the other spouse's funds/income go towards payments on/maintenance of the house. Something that my mother and her second husband's attorneys made VERY clear when they married (both had grown children and grandchildren and inheritance was a factor). They ended up keeping separate bank accounts and paying for their own expenses as they had before getting married just to make sure there was no confusion about that as he owned the house they ultimately lived in and she owned land that she had inherited from my father that had been in the family since the 1800's and both wanted to make sure it went to their children with no community property conflicts (up until retirement they lived in parsonages so it wasn't an issue but he owned the house already).

[Seguinite]

Originally Posted by astrohip

Allow me to slightly thread-jack with a related question: We had an Over-65 exemption at our house for a few years. We sold it this past year, and moved into a condo. I will re-apply for the Homestead and Over-65 this month, now that the filing period is open.

I had heard that there is a carry-over amount allowed for the Over-65 exemption. Some of the savings you were already getting, or maybe the amount frozen(?), is passed on to your new residence?

Has anyone heard of this? Does my question even make sense? I will confess to not being real familiar with the details of the Over-65 exemption, so I'm not sure what I'm asking.

Thanks.

The way it was explained to me was that if a senior is in a property where a potion of the taxes (school?) have been frozen for a period of time and then sells that property and purchases a new property from another senior whose taxes have also been frozen, they 'inherit' the same frozen rate. If they purchase a new property from a non-senior, they start over with current-day rates, a portion of which are then frozen going forward.

[astrohip]

Originally Posted by Seguinite

The way it was explained to me was that if a senior is in a property where a potion of the taxes (school?) have been frozen for a period of time and then sells that property and purchases a new property from another senior whose taxes have also been frozen, they 'inherit' the same frozen rate. If they purchase a new property from a non-senior, they start over with current-day rates, a portion of which are then frozen going forward.

Thanks, good info. I have scoured the HCAD site, and can't find anything. I'm going to call them today.